The BRICS’ signature initiative, the New Development Bank (NDB), a symbol of the grouping’s drive to recast global financial governance architecture, is expected to begin its operations and take up projects by April 2016.

NDB bank will function on the lines of world’s major financial institutions including World Bank, Asian Development Bank, and private money lenders. It will be given the same privileges as those institutions. The bank will have vice presidents from three other nations.

Speaking at the CII National Council Meeting in Mumbai on June 25, the newly appointed chief of the New Development Bank of BRICS countries K V Kamath said, “NDB has opted for a larger canvas by expanding its scope of operations to other member nations. The name of the bank was changed as new partner countries are likely to join the BRICS group of emerging economies.”

Fourth months after his BRICS debut in Fortaleza, Brazil, India’s Prime Minister Narendra Modi met the leaders of Brazil, Russia, China and South Africa in the picturesque Australian city of Brisbane and underlined that the repatriation of black money parked abroad, that runs into billions of dollars, was “a key priority,” and linked it to security challenges facing the world.

Mr Modi, whose government has vowed to vow bring black money kept in secret bank accounts by Indians abroad a national priority, made a strong pitch for “close coordination” on the issue during an informal meeting of the five-nation BRICS leaders on the sidelines of the BRICS summit in Brisbane November 15.

Building on the architecture of the BRICS Bank fleshed out in Fortaleza at the July 15 summit, the Indian leader said that BRICS should set 2016 as the target for the inauguration of the BRICS Bank.